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President Obama wants our money back
Thursday, January 14, 2010
Clearly, President Obama must have studied Robert Reich's Financial Times commentary the other day - Why Obama must take on Wall Street - and figured this would be a good start.
Skeptics are no doubt already concluding that this will further derail meaningful regulatory reform and that, somehow, the big banks will end up coming out ahead.
4 comments:
Just smoke to go with the mirrors that are already up.... look for more smoke to come.
I ran the numbers on the Obama tax. These are the numbers I came up with. If they are accurate, then GS wins again.
(Numbers in millions) Ending September 30, 2009
Total Consolidated Assets - 114,868
Tier 1 Capital (minus) <16,317>
FDIC Deposits (minus) <35,619>
Covered Liabilities = 62,932
.15% tax (times) 62,932 = 94 fee
Source: http://www.whitehouse.gov/sites/default/files/financial_responsibility_fee_fact_sheet.pdf
Source: http://www2.fdic.gov/idasp/report_bhc.asp?inSortIndex=0&inCert1=2380443&period1=06/30/2009
Goldman Sachs will pay a $94 million fee. Not a bad fee for receiving back door bailouts from the U.S. Treasury and emergency loans from the Federal Reserve. To put it into perspective, Goldman will pay a fee that is less than 1% of their annual bonus allotment.
Now, JP Morgan gets hit the hardest with a $970 million fee. Bank of America and Wells Fargo will receive $522 million and $283 million fees, respectively.
Any doubt left that GS and the Fed Govt are one ? Oops. Make that the Fed Govt is a branch of GS.
Government Sachs.....
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